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Financial Skill for Leaders

Horizontales
A budget for long term expenditures such as construction and equipment purchases
A performance pattern such as a budget expense item increasing month after month
Identifying the source or sources of a budget variance
When values rise or fall in a repeating pattern such as more respiratory disease occurring in the winter; also known as seasonal
Verticales
Productive hours such as staff education, orientation, and meetings that do not involve direct patient care
A total of financial performance measures from the beginning of the budget year to the current time period (abbreviation)
The difference between the budgeted target and actual performance
Putting management strategies in place to address and prevent unfavorable budget variances